Americas

Online fashion platform Mogu is planning to float on the New York Stock Exchange for up to $200m, according to a filing with the US regulator.

Brazilian mining giant Vale has launched its third public tender offer for outstanding international bonds, seeking to continue to cut its debt by buying back $1bn of notes.

The government of Bermuda could issue a new dollar benchmark this week, as it seeks to finance the buy-back of up to $424m of existing bonds.

TFI Tab Food Investments, the owner of the Burger King chain in Turkey and China, has formally withdrawn its $220m IPO in the US after delaying it in February.

Three Latin American bond issuers made it through new issue markets this week, but bond bankers were hardly confident about the prospects for the rest of the year, as investors remain uneasy about adding risk.

Despite volatile market conditions, which usually make local currency issuance a tough sell, some bond investors say they have their eyes peeled for a Peruvian government nuevo sol trade after the sovereign completed a buy-back of dollar debt on Tuesday.

Pulp and paper producer Suzano Papel e Celulose raised $500m of 30 year debt on Tuesday, two months after first mooting the idea, putting it closer to completing the financing of its takeover of fellow Brazilian company Fibria.

Lat Am bond bankers did not seem overly worried about their Mexican deal pipeline despite bond markets being shocked by the cancellation of Mexico City’s new airport last week.

Guarantor: Canada

Export Development Canada (EDC) added to a record breaking year for non-UK SSA sterling issuance as it printed a £500m floating rate note (FRN) this week. Despite the very strong year for the currency, some trades have struggled in recent weeks — but FRNs such as EDC’s appear to be the exception. Some in the market put that down to concerns over Brexit negotiations.

Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.

The eventful US mid-term elections have unlocked primary equity markets, with large block trades emerging after Tuesday’s vote. With the US political dynamic transformed, following the Democrats taking the House of Representatives, market practitioners are hoping the prospect of political gridlock in Washington will calm markets and make for better issuance conditions between now and the end of the year. Sam Kerr reports.